Several brokerages have updated their recommendations and price targets on shares of State Street (NYSE: STT) in the last few weeks:
- 7/19/2021 – State Street had its price target raised by analysts at Credit Suisse Group AG from $90.00 to $92.00. They now have a “neutral” rating on the stock.
- 7/19/2021 – State Street had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $104.00 to $105.00. They now have a “buy” rating on the stock.
- 7/9/2021 – State Street was upgraded by analysts at UBS Group AG from a “neutral” rating to a “buy” rating. They now have a $95.00 price target on the stock, up previously from $83.00.
- 7/8/2021 – State Street was upgraded by analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating.
- 7/2/2021 – State Street had its “buy” rating reaffirmed by analysts at Evercore ISI. They now have a $90.00 price target on the stock.
- 6/23/2021 – State Street had its price target raised by analysts at Credit Suisse Group AG from $86.00 to $90.00. They now have a “neutral” rating on the stock.
- 6/17/2021 – State Street had its price target raised by analysts at Keefe, Bruyette & Woods from $94.00 to $103.00. They now have an “outperform” rating on the stock.
NYSE STT opened at $85.13 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.54 and a quick ratio of 0.55. The firm has a market capitalization of $29.61 billion, a PE ratio of 13.56, a PEG ratio of 1.40 and a beta of 1.56. The company has a 50 day simple moving average of $84.17. State Street Co. has a 12-month low of $56.63 and a 12-month high of $89.28.
State Street (NYSE:STT) last posted its earnings results on Thursday, July 15th. The asset manager reported $1.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.18. State Street had a net margin of 20.21% and a return on equity of 10.67%. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the previous year, the company earned $1.86 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year. On average, analysts expect that State Street Co. will post 7.4 EPS for the current fiscal year.
In other State Street news, EVP David C. Phelan sold 50,000 shares of the business’s stock in a transaction on Thursday, May 20th. The shares were sold at an average price of $84.30, for a total value of $4,215,000.00. Following the sale, the executive vice president now owns 61,553 shares of the company’s stock, valued at approximately $5,188,917.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Ian Appleyard sold 3,800 shares of the business’s stock in a transaction on Thursday, May 20th. The shares were sold at an average price of $84.59, for a total transaction of $321,442.00. Following the completion of the sale, the chief accounting officer now directly owns 16,458 shares in the company, valued at approximately $1,392,182.22. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in STT. JPMorgan Chase & Co. boosted its stake in shares of State Street by 108.0% in the 1st quarter. JPMorgan Chase & Co. now owns 9,426,380 shares of the asset manager’s stock valued at $791,909,000 after purchasing an additional 4,895,354 shares in the last quarter. Norges Bank acquired a new position in State Street during the 4th quarter worth about $273,200,000. Goldman Sachs Group Inc. lifted its position in State Street by 321.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,577,596 shares of the asset manager’s stock worth $300,554,000 after buying an additional 2,728,816 shares in the last quarter. Ameriprise Financial Inc. lifted its position in State Street by 33.9% during the 1st quarter. Ameriprise Financial Inc. now owns 6,218,181 shares of the asset manager’s stock worth $522,418,000 after buying an additional 1,575,482 shares in the last quarter. Finally, BlackRock Inc. lifted its position in State Street by 5.0% during the 1st quarter. BlackRock Inc. now owns 25,940,519 shares of the asset manager’s stock worth $2,179,264,000 after buying an additional 1,237,925 shares in the last quarter. 90.38% of the stock is currently owned by hedge funds and other institutional investors.
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product accounting; daily pricing and administration; master trust and master custody; depotbank; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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